The Solution To Crypto Mining Power Consumption

It is popularly said that what ever has an advantage also must have it’s disadvantage. With the advent of blockchain technology few years back, many business have begin to realize the transparency and benefits that is associated with the platform. It is expected that in few years to come, many more business will begin moving their business, as well as developing plans to join the trend and move to the blockchain platform in order not to be left out of the cycle.

With this continues increase in statistics of business and individuals using the blockchain platform, there is bound to be an equivalent increase in the mining activities that will take place daily. And the more the daily mining activities, the more the electricity consumed for mining. In order words, the more valuable and recognition the blockchain experience, the more energy that will be used to mine the coins. This will go on until energy around the world will cost much more than it does currently, as a result of increased demand from miners globally. Records shows that as of March 31 2018, Bitcoin mining energy intake has ofﬁcially surpassed the entire energy consumption of the country of Singapore, which ranks 43 globally in regards to energy consumption. This area of energy consumption has obviously become a flaw in blockchain. It has become a fast growing disadvantage in the platform that needs a quick check. This flaw however, has given birth to the era of a new innovating blockchain project that looks to fix this scary problem. THE 4NEW PROJECT!

What Is 4NEW Project About?

“4NEW is the world’s ﬁrst eco-friendly, tangible, blockchain ecosystem powered by waste to energy power plants. The concept is quite simple, the process of reﬁning waste product into water and organic materials creates energy and that is then leveraged to either be sold to the national grid or applied to operate mining processes at an onsite mining farm.

The cost to produce the energy is met through the revenue generated from the waste collection services and sale of byproducts facilitating a sustainable operation at break even or a marginal proﬁt. Therefore, the energy produced is unencumbered and freely available for utilization or sale to the national grid.

Historically, the price of 1 kilowatt has been very stable for the past ﬁfty years at approximately $0.15 globally, inﬂation adjusted. This trend is expected to continue for the foreseeable future in lieu of technological innovations. However, the wild card that not many have truly evaluated is the exponential acceptance of the blockchain worldwide leading to a massive spike in energy consumption by cryptocurrency mining that could drive the price of energy up globally.

4NEW has the unique opportunity to apply this ﬁnite lifetime supply of energy to its coin, namely, KWATT. The 4NEW coin symbol is KWATT. Each KWATT Coin embodies within it, 1 kilowatt of electricity for a year.”

4NEW Mining

For mobility purpose, the 4NEW mining rigs will be set up with retroﬁtted shipping containers with the following dimensions Width: 7’6” and 5/16 Height: 8”4” and 11/16 Length: 38’ and 19/64. This in turn is to ensure that the shipping containers provide mobility which translates into scalability as the company grows and expands internationally. It might interest you to know that 4NEW has currently contracted prototypes already under development and scheduled for delivery in June 2018 to its plant site. Containers can hold either up to 432 Antminers for bitcoin mining or 2675 GTX 1060 GPU for mining most cryptocurrencies.

4NEW Social Media Strength

This project has ran some campaigns and this have received a lot of participants from the crypto community. Looking at the level of activity on their ANN thread on bitcointalk, with over 200 pages, 140+k visitors to their website with an average visit duration of 00:01:54 minutes (stat from similarweb.com), more than 8k follower on twitter and over 15k members on telegram, it is obvious that this project has a very good social strength. And this in the crypto world is an added advantage and approval from the crypto community. The project team has also responded well by releasing videos explaining various segment of their project. I will suggest all those who don’t understand the project and it’s concept yet to watch the videos for more understanding (all links available in the ANN thread).

Conclusion

As way of conclusion, I will want to say the crypto community (including myself), look forward to seeing this project up and running as it propose to put an end to major problems both in the crypto world and the world outside crypto. Good luck to the team and the project in general. Keep thinking green!